Harmony Biosciences (NASDAQ:HRMY) Earns Buy Rating from Needham & Company LLC

Harmony Biosciences (NASDAQ:HRMY)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a note issued to investors on Tuesday,Benzinga reports. They presently have a $50.00 price target on the stock. Needham & Company LLC’s target price suggests a potential upside of 72.00% from the company’s current price.

Several other equities analysts have also weighed in on HRMY. Mizuho raised their price objective on shares of Harmony Biosciences from $42.00 to $44.00 and gave the company an “outperform” rating in a research report on Tuesday, March 18th. HC Wainwright dropped their target price on shares of Harmony Biosciences from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft initiated coverage on shares of Harmony Biosciences in a research report on Tuesday, February 11th. They issued a “buy” rating and a $55.00 target price on the stock. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $53.33.

Harmony Biosciences Stock Performance

Shares of HRMY opened at $29.07 on Tuesday. The firm has a 50-day moving average price of $34.28 and a 200 day moving average price of $34.92. The firm has a market capitalization of $1.67 billion, a PE ratio of 13.78, a P/E/G ratio of 0.47 and a beta of 0.80. The company has a quick ratio of 3.20, a current ratio of 3.24 and a debt-to-equity ratio of 0.28. Harmony Biosciences has a 52-week low of $26.47 and a 52-week high of $41.61.

Harmony Biosciences (NASDAQ:HRMY) last announced its earnings results on Tuesday, February 25th. The company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.11. Harmony Biosciences had a net margin of 17.98% and a return on equity of 23.16%. The firm had revenue of $201.30 million during the quarter, compared to analyst estimates of $201.25 million. During the same quarter in the prior year, the firm posted $0.45 EPS. Harmony Biosciences’s revenue was up 19.5% compared to the same quarter last year. On average, sell-side analysts anticipate that Harmony Biosciences will post 2.43 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Jeffrey Dierks sold 10,507 shares of the business’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $37.01, for a total value of $388,864.07. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Sandip Kapadia sold 25,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $40.18, for a total transaction of $1,004,500.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 72,452 shares of company stock worth $2,831,679. 30.80% of the stock is owned by company insiders.

Institutional Trading of Harmony Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Hillsdale Investment Management Inc. increased its position in Harmony Biosciences by 0.4% during the fourth quarter. Hillsdale Investment Management Inc. now owns 68,000 shares of the company’s stock worth $2,340,000 after acquiring an additional 300 shares during the period. O Shaughnessy Asset Management LLC increased its position in Harmony Biosciences by 2.1% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 20,450 shares of the company’s stock worth $704,000 after acquiring an additional 420 shares during the period. GAMMA Investing LLC increased its position in Harmony Biosciences by 92.6% during the fourth quarter. GAMMA Investing LLC now owns 907 shares of the company’s stock worth $31,000 after acquiring an additional 436 shares during the period. Rhumbline Advisers increased its position in Harmony Biosciences by 0.4% during the first quarter. Rhumbline Advisers now owns 109,073 shares of the company’s stock worth $3,620,000 after acquiring an additional 485 shares during the period. Finally, PNC Financial Services Group Inc. increased its position in Harmony Biosciences by 28.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,328 shares of the company’s stock worth $80,000 after acquiring an additional 519 shares during the period. 86.23% of the stock is currently owned by institutional investors and hedge funds.

Harmony Biosciences Company Profile

Harmony Biosciences Holdings, Inc, a commercial-stage pharmaceutical company, focuses on developing and commercializing therapies for patients with rare and other neurological diseases in the United States. The company offers WAKIX (pitolisant), a molecule with a novel mechanism of action for the treatment of excessive daytime sleepiness in adult patients with narcolepsy.